Pennsylvania Public School Employees' Retirement System, Harrisburg, committed a total of $400 million to three investment funds and made one investment of $50 million to its in-house co-investment and secondary program, documents from the $52.4 billion pension fund show.
At its Aug. 6 meeting, the pension fund board agreed to commit up to $200 million to Independence Reinsurance Partners, a fund managed by RenaissanceRe Holdings that invests in reinsurance funds managed by subsidiaries of RenaissanceRe Holdings.
This is the pension plan’s first commitment to RenaissanceRe Holdings. Absolute-return consultant Aksia assisted.
The pension fund also agreed to commit $50 million to Aisling Capital IV, a venture capital fund. This will be PennPSERS’ fourth commitment to Aisling Capital.
PennPSERS’ board also committed $150 million to Bain Capital Asia Fund III, a private equity fund that invests in Asia. This will be PennPSERS’ third private equity commitment with Bain Capital.
Portfolio Advisors, PennPSERS’ private markets consultant, assisted on the Aisling and Bain commitments.
As of Aug. 5, the system had committed $300 million to its private markets in-house co-investment and secondary program.